All most all lender is do bank statements as full doc.
The big question is how the credit? You stated 563 FICO score, but what about the payment history? If you have no late mortgage payments the better off you are.
This is not going to happen Ann. You are at least going to need tax returns for income, not "bank statements". You are also going to need some serious equity, your client obviously has some trouble with repaying their debts.
Chances are good that such a firm would be named "Vido The Street Corner Loan Shark." Seek, and ye shall probably NOT find.
go to Lendingtree.com
you'll need a broker to get banks to compete for your business. This way they'll run his credit once, and show prospective banks to see who bights.
if you go to individual banks, every bank will run credit and each time a credit report is ran, it takes a big hit on your score.
maybe this company will be able to help citifiancial
AS with anything, I believe that if you look hard enough you will find someone who can give you what you want. The bigger question is what will it cost you.
If you are looking for a stated income loan (showing only bank statements) with a credit score of 563 you will have a narrow group of companies or individuals who will lend to you. The street name for the type of loan you are looking for is "liar's loan". The proper name is stated income.
What you may find is that someone is willing to take th chance on lending to you, but the interest rate may not be something you can afford. You very well, in this market and with that credit score, end up paying in the mid to high double digits in an interest rate. Remember, always look at what the payment will be and truly judge if you can afford that. The rule of thumb is that no more than 30% of your income should go to housing. Therefore if you make $40,000 per year you should pay no more than 12,000 per year total on a house ($1,000 per month).
If you have a huge amount of credit card debt or other major payments (for example 2 car payments which take a huge chunk out of your monthly income) then you will need to lower the amount you can put toward a house to live comfortably.
Good Luck!
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